Wellington Underwriting has reported a pre-tax profit of £30.88m for the year ending December 31 2002.
This is against a £67.68m loss in 2001. Gross written premiums in 2002 were £477.9m, against £420.78m in 2001.
Wellington chairman John Barton said: "2002 has been a year of substantial achievement and success for Wellington."
"The company is now well positioned to exploit further the excellent market conditions and produce superior returns for our shareholders."
